Technology giant Nvidia’s turnover to top result

American Nvidia, the manufacturer of artificial intelligence chips, announced on Wednesday the top result for the last quarter of its fiscal year.

The company posted record revenue of $68.1 billion, beating Wall Street expectations of $66.2 billion. The result is 73 percent more than a year earlier.

The company had expected its turnover to rise to approximately 65 billion dollars in the last quarter of the year.

The operating profit for the last quarter, which ended in January, was 43 billion dollars, which was also better than expected. The company’s turnover for the whole year was 215.9 billion dollars, and the operating profit was 120 billion dollars.

According to the company’s CEO, the demand for even faster computing power is growing.

“Our customers are competing to invest in AI computing”, Jensen Huang commented according to the Financial Times.

Nvidia’s interim reports are awaited with great interest, as it is interpreted as telling about the state of the artificial intelligence market. Nvidia’s role in artificial intelligence technology is central, because the company produces graphics processors and data center solutions that are needed to run services that utilize artificial intelligence.

Nvidia’s stock rose more than 2 percent in aftermarket trading right after the announcement.

Nvidia is the most valuable company in the world.